Planning to purchase a home? You may wonder “Can you get down payment assistance with a conventional loan?” You can. In fact, you can apply for down payment assistance (DPA) through many different programs. Though each option varies by location, some can offer minimal assistance, while others provide much more.

For instance, in Seattle, you can receive an interest-free loan of up to $55,000. If you’re a New York City resident, you could qualify for $100,000 if you live in your home for 10

Planning to purchase a home? You may wonder “Can you get down payment assistance with a conventional loan?” You can. In fact, you can apply for down payment assistance (DPA) through many different programs. Though each option varies by location, some can offer minimal assistance, while others provide much more.

For instance, in Seattle, you can receive an interest-free loan of up to $55,000. If you’re a New York City resident, you could qualify for $100,000 if you live in your home for 10 to 15 years. And in Iowa, can apply for a $2,500 down payment and closing cost grant.

Read on to find out how you can get down payment assistance with a conventional loan.

What is a conventional loan?

A conventional loan or mortgage is one not backed by a government entity, such as the Federal Housing Administration (FHA), U.S. Department of Agriculture (USDA), or U.S. Department of Veterans Affairs (VA). Instead, loans are available through private lenders, such as banks, credit unions, or mortgage companies as well as Freddie Mac and Fannie Mae.

What is down payment assistance?

Grants or low-to-no-interest second loans are available to help you access funds for your down payment, relieving the stress of producing an initial extra chunk of change and making the dream of homeownership easier to achieve. These DPA programs exist on state, county, and city government levels.

How does down payment assistance work?

DPA grants, which are typically applied at closing, will show up as a credit on your closing statement. For a DPA second loan, you will actually close on this smaller loan—which covers your down payment—at the same time you close on your primary home loan. In general, you’ll pay back your DPA loan with monthly installments alongside your regular mortgage payments. However, you may also be able to defer your second mortgage repayment until you satisfy your first mortgage or move, sell, or refinance the property.

How do I qualify for down payment assistance?

Every DPA program is a bit different. Your program’s criteria will depend on where you live and what programs are available in your area. DPA is typically reserved for first-time homebuyers; however, you may be eligible if you’re a repeat buyer who hasn’t owned a home in the last three years. Some programs are also open to veterans. Other requirements may include the following:

Additionally, some programs may even offer additional assistance or an increased level of aid if you purchase a home in certain areas.

If you’re ready to purchase property and want more information about how you can get down payment assistance with a conventional loan, reach out to an OVM Financial expert. You can also check out our blog about other topics including Chenoa Fund guidelines and how to purchase a home with low income.

Planning to purchase a home? You may wonder “Can you get down payment assistance with a conventional loan?” You can. In fact, you can apply for down payment assistance (DPA) through many different programs. Though each option varies by location, some can offer minimal assistance, while others provide much more.

For instance, in Seattle, you can receive an interest-free loan of up to $55,000. If you’re a New York City resident, you could qualify for $100,000 if you live in your home for 10 to 15 years. And in Iowa, can apply for a $2,500 down payment and closing cost grant.

Read on to find out how you can get down payment assistance with a conventional loan.

What is a conventional loan?

A conventional loan or mortgage is one not backed by a government entity, such as the Federal Housing Administration (FHA), U.S. Department of Agriculture (USDA), or U.S. Department of Veterans Affairs (VA). Instead, loans are available through private lenders, such as banks, credit unions, or mortgage companies as well as Freddie Mac and Fannie Mae.

What is down payment assistance?

Grants or low-to-no-interest second loans are available to help you access funds for your down payment, relieving the stress of producing an initial extra chunk of change and making the dream of homeownership easier to achieve. These DPA programs exist on state, county, and city government levels.

How does down payment assistance work?

DPA grants, which are typically applied at closing, will show up as a credit on your closing statement. For a DPA second loan, you will actually close on this smaller loan—which covers your down payment—at the same time you close on your primary home loan. In general, you’ll pay back your DPA loan with monthly installments alongside your regular mortgage payments. However, you may also be able to defer your second mortgage repayment until you satisfy your first mortgage or move, sell, or refinance the property.

How do I qualify for down payment assistance?

Every DPA program is a bit different. Your program’s criteria will depend on where you live and what programs are available in your area. DPA is typically reserved for first-time homebuyers; however, you may be eligible if you’re a repeat buyer who hasn’t owned a home in the last three years. Some programs are also open to veterans. Other requirements may include the following:

Additionally, some programs may even offer additional assistance or an increased level of aid if you purchase a home in certain areas.

If you’re ready to purchase property and want more information about how you can get down payment assistance with a conventional loan, reach out to an OVM Financial expert. You can also check out our blog about other topics including Chenoa Fund guidelines and how to purchase a home with low income.

OVM Financial has joined forces with AnnieMac Home Mortgage, and as of today, we will begin operating as OVM Financial Team Powered By AnnieMac Home Mortgage!

Where We’ve Been

OVM Financial’s mission has always been to become our client’s mortgage provider for life. The formula for fulfilling this mission is simple: we must offer industry-leading customer service and a strong lineup of loan options.

Throughout our history, OVM has made a handful of significant decisions

OVM Financial has joined forces with AnnieMac Home Mortgage, and as of today, we will begin operating as OVM Financial Team Powered By AnnieMac Home Mortgage!

Where We’ve Been

OVM Financial’s mission has always been to become our client’s mortgage provider for life. The formula for fulfilling this mission is simple: we must offer industry-leading customer service and a strong lineup of loan options.

Throughout our history, OVM has made a handful of significant decisions to pursue this mission. Going back to 2001, when George Temple Jr. and Chip Simkins purchased Old Virginia Mortgage, they moved the corporate headquarters to Hampton Roads to be closer to the market they were serving. In 2011, after deciding to grow into other states, the company name was changed to OVM Financial, and new branches were created across North and South Carolina. And in 2019, OVM’s Legum Legacy was founded to help increase the positive impact we are making in the communities we serve.

Where We’re Headed

After exploring options for ways to provide more financing options for their clientele, the OVM Financial leadership team connected with AnnieMac Home Mortgage, as the relationship between the two mortgage lenders developed, the potential for greater alignment became apparent.

“As we spent more time with the AnnieMac Home Mortgage Executive team, we realized that we share the same vision for what a great mortgage company looks like. We’re aligned at the core of our corporate culture. We focus on providing the client and our real estate agent partners with a best-in-class experience,” said OVM Financial Executive Vice President Matt Beckwith.

Daily Operations

95% of the way we operate today will continue. The OVM leadership structure will remain the same, our processing and underwriting will continue to happen locally, and our dedication to providing an extraordinary mortgage experience will continue to be our primary focus. This means we will continue to close loans faster than our competitors and with less headache for the customer!

Expanded Opportunities for Partners and Mortgage Loan Originators

Our partnership with AnnieMac Home Mortgage will offer a host of benefits to our Mortgage Loan Originators and real estate partners, including:

Here’s to The Next Chapter

On behalf of OVM Financial’s owners (George Temple Jr., Chip Simkins, Matt Beckwith, Ben Temple) and the Executive Team (Adam Newman, Kim Markham, Eddie Deanes, Brian Hill, and Tom Fortune), we’d like to thank each and every team member at OVM Financial for what they’ve put in to make OVM Financial so great. Without you, we could never have reached this milestone or any of these milestones below:

Inc 5000 List of Fastest-Growing Private Companies in America

2015 – #4541 2016 – #4625 2017 – #3539 2018 – #3629 2019 – #4602 2021 – #3245

Scottsman Guide Rankings

2018 – 2 Loan Officers Awarded 2019 – 2 Loan Officers Awarded 2020 – 5 Loan Officers Awarded 2021 – 10 Loan Officers Awarded 2022 – 19 Loan Officers Awarded

Coastal Virginia Magazine Best Of Awards

2022 – Best Mortgage Company on the Southside

Here’s to an incredibly bright future for OVM Financial Team powered by AnnieMac Home Mortgage!

OVM Financial has joined forces with AnnieMac Home Mortgage, and as of today, we will begin operating as OVM Financial Team Powered By AnnieMac Home Mortgage!

Where We’ve Been

OVM Financial’s mission has always been to become our client’s mortgage provider for life. The formula for fulfilling this mission is simple: we must offer industry-leading customer service and a strong lineup of loan options.

Throughout our history, OVM has made a handful of significant decisions to pursue this mission. Going back to 2001, when George Temple Jr. and Chip Simkins purchased Old Virginia Mortgage, they moved the corporate headquarters to Hampton Roads to be closer to the market they were serving. In 2011, after deciding to grow into other states, the company name was changed to OVM Financial, and new branches were created across North and South Carolina. And in 2019, OVM’s Legum Legacy was founded to help increase the positive impact we are making in the communities we serve.

Where We’re Headed

After exploring options for ways to provide more financing options for their clientele, the OVM Financial leadership team connected with AnnieMac Home Mortgage, as the relationship between the two mortgage lenders developed, the potential for greater alignment became apparent.

“As we spent more time with the AnnieMac Home Mortgage Executive team, we realized that we share the same vision for what a great mortgage company looks like. We’re aligned at the core of our corporate culture. We focus on providing the client and our real estate agent partners with a best-in-class experience,” said OVM Financial Executive Vice President Matt Beckwith.

Daily Operations

95% of the way we operate today will continue. The OVM leadership structure will remain the same, our processing and underwriting will continue to happen locally, and our dedication to providing an extraordinary mortgage experience will continue to be our primary focus. This means we will continue to close loans faster than our competitors and with less headache for the customer!

Expanded Opportunities for Partners and Mortgage Loan Originators

Our partnership with AnnieMac Home Mortgage will offer a host of benefits to our Mortgage Loan Originators and real estate partners, including:

Here’s to The Next Chapter

On behalf of OVM Financial’s owners (George Temple Jr., Chip Simkins, Matt Beckwith, Ben Temple) and the Executive Team (Adam Newman, Kim Markham, Eddie Deanes, Brian Hill, and Tom Fortune), we’d like to thank each and every team member at OVM Financial for what they’ve put in to make OVM Financial so great. Without you, we could never have reached this milestone or any of these milestones below:

Inc 5000 List of Fastest-Growing Private Companies in America

2015 – #4541 2016 – #4625 2017 – #3539 2018 – #3629 2019 – #4602 2021 – #3245

Scottsman Guide Rankings

2018 – 2 Loan Officers Awarded 2019 – 2 Loan Officers Awarded 2020 – 5 Loan Officers Awarded 2021 – 10 Loan Officers Awarded 2022 – 19 Loan Officers Awarded

Coastal Virginia Magazine Best Of Awards

2022 – Best Mortgage Company on the Southside

Here’s to an incredibly bright future for OVM Financial Team powered by AnnieMac Home Mortgage!

Are you a first-time or repeat homebuyer planning to apply for down payment assistance in Maryland? If so, the Maryland Mortgage Program (MMP) may be able to help. MMP home loans can include conventional loans or government loans guaranteed by the FHA, VA, or USDA.

So if you’re searching for loan, closing cost, or down payment assistance in Maryland, read on for more information, or contact an OVM Financial specialist to get started.

Understanding MMP loans

MMP offers 1st

Are you a first-time or repeat homebuyer planning to apply for down payment assistance in Maryland? If so, the Maryland Mortgage Program (MMP) may be able to help. MMP home loans can include conventional loans or government loans guaranteed by the FHA, VA, or USDA.

So if you’re searching for loan, closing cost, or down payment assistance in Maryland, read on for more information, or contact an OVM Financial specialist to get started.

Understanding MMP loans

MMP offers 1st Time Advantage Loans for first-time homebuyers as well as Flex products, which offer other down payment assistance options for first-time buyers and repeat buyers. MMP also offers specialty products for borrowers with student debt, disabilities, or location-specific properties. Here are some options to consider:

Learn how to qualify

According to the IRS, qualifying first-time homebuyers are those who haven’t owned and occupied a home in the last three years. Additionally, you do not have to be a U.S. citizen to qualify for MMP loan products, and first-time homebuyer requirements do not apply if you’re purchasing in a MMP-defined targeted area. Veterans using their exemption for the first time are also eligible for MMP products. Other requirements include the following:

Looking for more information about down payment assistance in Maryland? Reach out to an OVM Financial expert who can answer your questions and position you on the path to homeownership. You can also check out our blog for other helpful posts about down payment assistance in Virginia and down payment assistance in Florida.

Are you a first-time or repeat homebuyer planning to apply for down payment assistance in Maryland? If so, the Maryland Mortgage Program (MMP) may be able to help. MMP home loans can include conventional loans or government loans guaranteed by the FHA, VA, or USDA.

So if you’re searching for loan, closing cost, or down payment assistance in Maryland, read on for more information, or contact an OVM Financial specialist to get started.

Understanding MMP loans

MMP offers 1st Time Advantage Loans for first-time homebuyers as well as Flex products, which offer other down payment assistance options for first-time buyers and repeat buyers. MMP also offers specialty products for borrowers with student debt, disabilities, or location-specific properties. Here are some options to consider:

Learn how to qualify

According to the IRS, qualifying first-time homebuyers are those who haven’t owned and occupied a home in the last three years. Additionally, you do not have to be a U.S. citizen to qualify for MMP loan products, and first-time homebuyer requirements do not apply if you’re purchasing in a MMP-defined targeted area. Veterans using their exemption for the first time are also eligible for MMP products. Other requirements include the following:

Looking for more information about down payment assistance in Maryland? Reach out to an OVM Financial expert who can answer your questions and position you on the path to homeownership. You can also check out our blog for other helpful posts about down payment assistance in Virginia and down payment assistance in Florida.

If you have a USDA loan and you’re thinking of refinancing, you may wonder “Does USDA offer streamline refinance?”

Yes, they do. USDA loan programs, more specifically the USDA’s Streamlined and Streamlined-Assist Refinance options, allow current direct and guaranteed borrowers to restructure a loan for more affordable terms. This is true even if you have low to no equity. Your refinance can include your principal loan balance, accrued interest, upfront guarantee fees, and other eligible

If you have a USDA loan and you’re thinking of refinancing, you may wonder “Does USDA offer streamline refinance?”

Yes, they do. USDA loan programs, more specifically the USDA’s Streamlined and Streamlined-Assist Refinance options, allow current direct and guaranteed borrowers to restructure a loan for more affordable terms. This is true even if you have low to no equity. Your refinance can include your principal loan balance, accrued interest, upfront guarantee fees, and other eligible closing costs.

Read on for more information about the USDA streamline refinance program.

What benefits does a USDA streamline refinance offer?

In addition to securing lower interest rates, you can also refinance your loan to obtain lower monthly payments. For instance, if you’ve accrued five years of equity on a 25-year loan, you could potentially refinance to a 30-year loan to loosen the belt on your monthly budget. The program also provides a plethora of other potential perks:

No matter the reason for your refinance, your new rate will not exceed your previous one. For example, if you refinance your 20-year loan to a 30-year loan for a lower monthly payment, you don’t have to worry about your interest rate increasing.

How can I use USDA Streamline Refinance funds?

Not only can you use the USDA Streamline Refinance Program to restructure your mortgage, you can also harness these funds to build or make improvements to your home if you are a current guaranteed borrower. This option includes two closings—the initial closing for construction financing as well as a final permanent closing when construction is complete.

How can I qualify?

The USDA offers fixed-rate loans for up to 30 years for properties within USDA-eligible rural areas. Additionally, your new refinanced loan must include the same property as the original loan, and you must own and occupy the property. While the USDA does not require new property inspections to refinance, your OVM Financial loan officer may request this. Other requirements include the following:

So if you want to lower your monthly payment or interest rate, discuss your options with your OVM Financial loan officer. You can also visit our blog to read more about USDA loans in Florida and USDA loans in Georgia.

If you have a USDA loan and you’re thinking of refinancing, you may wonder “Does USDA offer streamline refinance?”

Yes, they do. USDA loan programs, more specifically the USDA’s Streamlined and Streamlined-Assist Refinance options, allow current direct and guaranteed borrowers to restructure a loan for more affordable terms. This is true even if you have low to no equity. Your refinance can include your principal loan balance, accrued interest, upfront guarantee fees, and other eligible closing costs.

Read on for more information about the USDA streamline refinance program.

What benefits does a USDA streamline refinance offer?

In addition to securing lower interest rates, you can also refinance your loan to obtain lower monthly payments. For instance, if you’ve accrued five years of equity on a 25-year loan, you could potentially refinance to a 30-year loan to loosen the belt on your monthly budget. The program also provides a plethora of other potential perks:

No matter the reason for your refinance, your new rate will not exceed your previous one. For example, if you refinance your 20-year loan to a 30-year loan for a lower monthly payment, you don’t have to worry about your interest rate increasing.

How can I use USDA Streamline Refinance funds?

Not only can you use the USDA Streamline Refinance Program to restructure your mortgage, you can also harness these funds to build or make improvements to your home if you are a current guaranteed borrower. This option includes two closings—the initial closing for construction financing as well as a final permanent closing when construction is complete.

How can I qualify?

The USDA offers fixed-rate loans for up to 30 years for properties within USDA-eligible rural areas. Additionally, your new refinanced loan must include the same property as the original loan, and you must own and occupy the property. While the USDA does not require new property inspections to refinance, your OVM Financial loan officer may request this. Other requirements include the following:

So if you want to lower your monthly payment or interest rate, discuss your options with your OVM Financial loan officer. You can also visit our blog to read more about USDA loans in Florida and USDA loans in Georgia.

If you’re planning to apply for a USDA mortgage, you may wonder “How much can you borrow with a USDA loan?” With USDA Guaranteed loans, there’s no limit on the total amount of money you can borrow to cover the cost of your property’s current market value.

However, USDA income limits, property requirements, and eligibility will factor into your USDA loan approval. Read on to learn more about these specific requirements.

What are USDA’s income limits?

If you’re planning to apply for a USDA mortgage, you may wonder “How much can you borrow with a USDA loan?” With USDA Guaranteed loans, there’s no limit on the total amount of money you can borrow to cover the cost of your property’s current market value.

However, USDA income limits, property requirements, and eligibility will factor into your USDA loan approval. Read on to learn more about these specific requirements.

What are USDA’s income limits?

Most areas in the country have a $91,800 household income limit for a dwelling with one to four people. However, there are some areas, such as those located near larger metropolitan areas like Dallas, Texas, or Monroe County, Florida, that feature ceilings over $100,000.

No matter the locality, your income can’t exceed 15% percent of the income limit of your USDA-defined rural area.

What qualifies an area as “rural?”

When you picture a rural town, you’ll likely envision a main street lined with local businesses—typical small-town USA. While the USDA defines this type of locale as “rural,” you might be surprised by how expansive property eligibility for a USDA loan is:

Not sure if your new property falls into these categories? Simply enter the property’s address in the USDA’s online eligibility map to find out.

What factors determine my eligibility?

When you apply for a USDA loan, your loan officer will evaluate the following factors to determine your ability to repay your loan:

While there are no credit requirements for a USDA loan, your OVM Financial professional may evaluate this information, as well as your debt-to-income ratio, to determine your interest rate.

So if you’re ready to apply for a USDA mortgage, talk to an OVM Financial professional to find out how much you can borrow with a USDA loan. You can read other helpful articles, such as USDA loans in Georgia or what’s the difference between USDA direct and guaranteed loans, on our blog.

If you’re planning to apply for a USDA mortgage, you may wonder “How much can you borrow with a USDA loan?” With USDA Guaranteed loans, there’s no limit on the total amount of money you can borrow to cover the cost of your property’s current market value.

However, USDA income limits, property requirements, and eligibility will factor into your USDA loan approval. Read on to learn more about these specific requirements.

What are USDA’s income limits?

Most areas in the country have a $91,800 household income limit for a dwelling with one to four people. However, there are some areas, such as those located near larger metropolitan areas like Dallas, Texas, or Monroe County, Florida, that feature ceilings over $100,000.

No matter the locality, your income can’t exceed 15% percent of the income limit of your USDA-defined rural area.

What qualifies an area as “rural?”

When you picture a rural town, you’ll likely envision a main street lined with local businesses—typical small-town USA. While the USDA defines this type of locale as “rural,” you might be surprised by how expansive property eligibility for a USDA loan is:

Not sure if your new property falls into these categories? Simply enter the property’s address in the USDA’s online eligibility map to find out.

What factors determine my eligibility?

When you apply for a USDA loan, your loan officer will evaluate the following factors to determine your ability to repay your loan:

While there are no credit requirements for a USDA loan, your OVM Financial professional may evaluate this information, as well as your debt-to-income ratio, to determine your interest rate.

So if you’re ready to apply for a USDA mortgage, talk to an OVM Financial professional to find out how much you can borrow with a USDA loan. You can read other helpful articles, such as USDA loans in Georgia or what’s the difference between USDA direct and guaranteed loans, on our blog.